Gold on 8h chart SMA300 support
- #9,622
- May 27, 2016 5:40am May 27, 2016 5:40am
- | Commercial User | Joined Feb 2014 | 4,524 Posts
{quote} Hi, As I said before, if more interaction amongst others happens then sure I'd be happy to join in. I appreciate most feel uncomfortable to post live charts with entry stop and tp levels on their charts, and that is borne out of fear, and fear is a nothing more than a relative of low confidence, and low confidence is borne out of distrust....it goes on but you get the picture. Posting, sharing ideas, accepting constructive criticism are necessary aspects on here, without which most are scrambling in the dark. So to keep it short,...
- #9,625
- May 27, 2016 10:09am May 27, 2016 10:09am
- Joined Nov 2009 | Status: Trader | 2,232 Posts
Luck has no place in trading. Leave that for the poker table.
- #9,626
- May 27, 2016 10:57am May 27, 2016 10:57am
- Joined Nov 2009 | Status: Trader | 2,232 Posts
Short XAU/USD pair at 1212.78.....target 1207 {image}
I got stopped out before I set my stop to BE =break even. Easy come easy go as the saying go.
Luck has no place in trading. Leave that for the poker table.
- #9,627
- May 27, 2016 11:47pm May 27, 2016 11:47pm
- Joined Nov 2009 | Status: Trader | 2,232 Posts
Short XAU/USD pair at 1212.78.....target 1207 {image}
Note to self..... work on better entries.....don't enter too early out of over eagerness.
Luck has no place in trading. Leave that for the poker table.
- #9,628
- May 28, 2016 7:57am May 28, 2016 7:57am
- Joined Jan 2014 | Status: Trader | 1,783 Posts
{quote} I just looked at the chart for XAU/USD.... If I hadn't got stopped out I would have hit my target of 1207.... Note to self..... work on better entries.....don't enter too early out of over eagerness.
It's good to see you at least tried, and posted your chart....not every trade works out the way we'd like
Maybe your entry was not well timed, but maybe too the stops and targets were incorrect also...if you look at NLs charts for example and the type of stop levels he applies then it's possible and likely you would have reached your target I think....food for thought mate.
In addition, without going into too much depth today, other means may have prevented you taking on the trade, ie, we've all heard of top down analysis, and I've attached a set of GU charts for the purpose of general explanation ..... weekly, daily, h4 and h1 which illustrates my point, and in this case tells me that the best t/f to use in this example would be h1 because that is the only t/f that next best complies with the long term weekly t/f so far as I'm concerned that is, ie, longs only, and now tells me that I should be setting stops and targets in accordance to this t/f in the event I make any entries.
As you can see, my method is essentially a trend following method, and in my case, I like to use the weekly chart as my benchmark for trend direction (but the daily can do the same job) for either buying or selling (usually that is), but each of us will have a different approach of course. Obviously, this is only the first phase of any analysis I undertake, and allows me to easily know my bias in the coming week and then I drill down to see what chart t/f to use, and this approach may be of use to you or others and may help keep any of your entries stops and targets realistic also, and thought it might be of interest to you that's all, but if not, disregard.
LL
- #9,629
- May 29, 2016 4:05am May 29, 2016 4:05am
- Joined Nov 2009 | Status: Trader | 2,232 Posts
{quote} Hi PMU It's good to see you at least tried, and posted your chart....not every trade works out the way we'd like
Luck has no place in trading. Leave that for the poker table.
- #9,631
- May 30, 2016 8:58am May 30, 2016 8:58am
- Joined Jan 2014 | Status: Trader | 1,783 Posts
{quote} Hi PMU It's good to see you at least tried, and posted your chart....not every trade works out the way we'd like
GU h1 long entry earlier, ref the basic principle discussed above. I found a decent entry point and have taken 50%, and adjusted my stop, and effectively have a free trade now.
I would expect to trade GU long several times this week using the same technique when a suitable signal shows itself again.
- #9,635
- May 31, 2016 9:22am May 31, 2016 9:22am
- Joined Jan 2014 | Status: Trader | 1,783 Posts
{quote} Take profit 2 at fibo 161.8 {image}
It's an interesting call....I am not in that trade personally, but if I were I see that the weekly chart direction is up and the next best corresponding t/f signal to conform with long is on m30 (so far as my approach is concerned that is) so I'd only be interested in longs myself.
It'll be interesting to see how this pans out...G/L though.....both weekly and m30 charts attached
LL
- #9,636
- May 31, 2016 9:42am May 31, 2016 9:42am
- | Commercial User | Joined Feb 2014 | 4,524 Posts
DAX30 4H chart power for short +fibo e level {image}
- #9,637
- Edited 10:19am May 31, 2016 9:51am | Edited 10:19am
- | Commercial User | Joined Feb 2014 | 4,524 Posts
- #9,638
- May 31, 2016 2:06pm May 31, 2016 2:06pm
- | Commercial User | Joined Feb 2014 | 4,524 Posts
This one was also good, Just close the profit of him
- #9,639
- Edited 5:42am Jun 1, 2016 5:19am | Edited 5:42am
- | Commercial User | Joined Feb 2014 | 4,524 Posts
DAX30 4H chart power for short +fibo e level {image}
Out in take profit
